WhatsApp Payment Service No Longer Welcomed in Brazil
In another blow for Facebook, Brazil, which is the second-largest WhatsApp market worldwide, has suspended the WhatsApp mobile payments service a week after its rollout. Brazil’s central bank said it was making the decision to “preserve an adequate competitive environment” in the mobile payments space and to ensure “functioning of a payment system that’s interchangeable, fast, secure, transparent, open and cheap.” Brazilian banks have demanded Mastercard and Visa, which are among the payments partners for WhatsApp in Brazil, to suspend money transfer on the WhatsApp app. Failure to comply with the order will be fines and administrative sanctions. In its statement, Brazil’s central bank said it had not had the opportunity to analyze WhatsApp’s payment service prior to the rollout.
The WhatsApp payment service operates successfully in Mexico but is still awaiting regulatory approval in India after 2 years of trials there.
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